Plans to transform a listed Georgian building into a hotel have been approved.

The proposals for a luxury hotel at the site that was formerly used as a car hire business were put forward by Hackland + Dore Architects.

A planning statement said: “The site is within Edinburgh’s New Town Conservation Area and Edinburgh’s Old and New Towns World Heritage Site.

“It is within Edinburgh’s ‘theatre district’, approximately 0.6 km from Princes Street, and therefore, has excellent access to a variety of local and national transport facilities within a short walking distance.

“Most significantly, a new ‘gateway’ transport interchange is also under construction opposite the site on Picardy Place which will improve connectivity for pedestrians and provide direct access to bus, tram and cycle facilities that connect across the city and to other transport hubs.”

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In April, real estate adviser CBRE announced it was marketing 10 Picardy Place, formerly a Hertz car rental office, for sale to transform it into a 51-bedroom apartment hotel.

Chris Dougray, executive director at CBRE, said that it was a “rare chance to secure a consented freehold site in one of the best locations in Edinburgh, one of Europe’s most sought-after tourist destinations”, adding: “It’s the perfect place to stay for those going on shopping or theatre breaks, close to the restaurants and bars of Broughton Street, Edinburgh Playhouse theatre, and the St James Quarter.”

Mr Dougray also said then: “It’s a fantastic opportunity for a hotelier or hotel group to transform an empty building dating back to the 1800s into a beautiful hotel and revive the historic Georgian frontage, which would not only add to the visual appeal of the area but also create new jobs and attract tourists.”